Charter corporation which began business in 2013

Assignment Help Accounting Basics
Reference no: EM13576939

Charter Corporation which began business in 2013, appropriately uses the installment sales method of accounting for its installment sales. The following data were obtained for sales during 2013 and 2014:

  • 2013 2014
  • Installment sales 360,000 350,000
  • Cost of installment sales 234,000 245,000
  • Cash collections on installment sales during:
  • 2013 150,000 100,000
  • 2014 ---- 120,000

Prepare summary journal entries for 2013 and 2014 to account for the installment sales and cash collections. The company uses the perpetual inventory system.

Reference no: EM13576939

Questions Cloud

The production process is straightforward first the blank : r-tunes inc. is in the business of developing promoting and selling musical talent online and with compact discs cds.
George is supplementing his income in 2014 by building and : george is supplementing his income in 2014 by building and selling 20000 ant hills. he ended 2013 with 2000 completed
Can we conclude that a higher proportion of italians than : a study was made to determine whether more italians than americans prefer white champagne to pink champagne at
At the time i believed that brazil would beat portugal : during the 2010 world cup group stage my friend manmood wanted me to pay him 5 if brazil beat portugal. at the time i
Charter corporation which began business in 2013 : charter corporation which began business in 2013 appropriately uses the installment sales method of accounting for its
On july 1 2014 fleming company sells machinery for 120000 : 1. stine company purchased machinery with a list price of 64000. they were given a 10 discount by the manufacturer.
I will focus more on the accounting and management of : in this will focus more on the accounting and management of receivables because it is a more difficult topic. accounts
A company is considering replacing an old piece of : a company is considering replacing an old piece of machinery which cost 597500 and has 347500 of accumulated
Follow example exercise 24-2 for continue and discontinue : the condensed product-line income statement for suffolk china ware company for the month of december is as

Reviews

Write a Review

Accounting Basics Questions & Answers

  Dividends received through the preferred stockholders

The board of directors declared and paid a $5,000 dividend in 2010. In 2011, $24,000 of dividends are declared and paid. What are the dividends received by the preferred stockholders in 2011?

  Why are noncash transactions such as the exchange of

why are noncash transactions such as the exchange of common stock a building included on a statement of cash flows? how

  Define deferred tax expense

The deferred tax expense is the: a. increase in balance of deferred tax asset minus the increase in balance of deferred tax liability. b. increase in balance of deferred tax liability minus the increase in balance of deferred tax asset.

  Accumulated straight-line depreciation and book value

An asset purchased by A Corporation for $15,000 ON 01/01/1997 also incurred freight charges of $200 and installation cost of $1,000.The asset had a life expectancy of eight years and a salvage value of $2,800.

  Cost recovery deduction of asset

The income from the business before the cost recovery deduction and the 179 deduction was 810k. She takes additional first year depreciation. Determine the cost recovery deduction with respect to the asset for 2013.

  Compute the increase or decrease in net income

Compute the increase or decrease in net income Mann will realize by accepting the special order, assuming Mann has sufficient excess operating capacity. Should Mann Company accept the special order?

  What are the most important components of the mission

what are the most important components of the mission statement? what are some skills you possess that will be useful

  In 2013 company a sold inventory costing 100 to its

1 in 2013 company a sold inventory costing 100 to its fully-owned subsidiary company b for 150. the entire inventory

  Material price and usage variances for the month

a) Calculate the material price and usage variances for the month. b) Calculate the labor rate and efficiency variances for the month.

  Corporation applies manufacturing overhead on the basis of

corporation applies manufacturing overhead on the basis of direct labor-hours. at the beginning of the most recent year

  In two to three paragraphs describe the sarbanes-oxley act

1.in two to three paragraphs describe the sarbanes-oxley act and why it is important to the accounting

  Leased asset at the lease inception

If Pisa, Inc.'s incremental borrowing rate is 10% and the rate implicit in the lease (which is known by Pisa, Inc.) is 8%, what is the amount recorded for the leased asset at the lease inception?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd